On December 31, 2022 amendments to B.C.’s Pensions Benefits Standards Regulation came into force. While these amendments primarily address PfAD reform for target benefit plans, they also updated the information that target benefit plans are required to provide to active and retired members in their annual statements.
In particular, the annual statements for active and retired members must now include more information regarding reductions in target benefits. Previously, these statements simply had to state that target benefits could be reduced if an unfunded liability could not be amortized. Now, in these statements, target benefit plans must explain to their members when and how their target benefits may be reduced.
As a result of these changes, target benefit plan administrators are encouraged to review their annual statements to ensure that they contain the required information.
If you have any questions about your plan’s annual statements or about compliance with these new disclosure requirements, please contact a member of our Pensions and Employee Benefits Group for more information.
Lawson Lundell's Pension and Employee Benefits Law Blog provides updates on the most recent legal developments impacting pension and employee benefit plans. We cover a range of topics, including recent case law and changes to relevant provincial and federal legislation.
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